KATHY Ireland is making major headlines after filing a lawsuit accusing her longtime business managers of secretly draining her finances and leaving her and husband Dr. Greg Olsen in serious debt.
According to the legal filing, Ireland claims the managers misused her money, took out loans in her name, and falsely assured her for years that her financial future was secure.
The model-turned-business powerhouse says she trusted the team for more than three decades, even giving them power of attorney and control over investments.
Ireland alleges the situation came to light when she and Olsen tried to help their son buy a home and were stunned after being denied a loan. She claims her managers then became evasive when asked to provide funds for a down payment, according to TMZ.
In the lawsuit, Ireland says the alleged misconduct drained retirement savings, wiped out home equity, affected life insurance policies, and ultimately forced the couple to sell their home.
She also claims the managers used money and credit taken out in her name to support their own lifestyles while keeping her focused on building her business empire.
While the exact total remains unclear, Ireland is reportedly seeking damages believed to be as much as or more than $100 million. The case adds a dramatic legal twist to the story of one of entertainment and business’s most recognizable names.